Question
In: Accounting
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 33,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 27,000 shares of common stock on the open market as treasury stock for $38 per share. Jackson sold 6,300 treasury shares on September 30, 2018, for $40 per share. Net income for 2018 was $183,905. Also outstanding during the year were fully vested incentive stock options giving key personnel the option to buy 53,000 common shares at $43. The market price of the common shares averaged $42 during 2018. Required: Compute Jackson's basic and diluted earnings per share for 2018?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 30,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 24,000 shares of common stock on the open market
as treasury stock paying $45 per share. Jackson sold 6,000 of the
treasury shares on September 30, 2018, for $47 per share. Net
income for 2018 was $180,905. Also outstanding at December 31,
2017, were fully vested incentive stock options giving...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of
common stock outstanding and 30,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Jackson purchased 24,000 shares of common stock on the open market
as treasury stock paying $45 per share. Jackson sold 6,000 of the
treasury shares on September 30, 2018, for $47 per share. Net
income for 2018 was $180,905. Also outstanding at December 31,
2017, were fully vested incentive stock options giving...
On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 27,000 shares...
On December 31, 2020, Jackson Company had 100,000 shares of
common stock outstanding and 27,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2021,
Jackson purchased 14,000 shares of common stock on the open market
as treasury stock for $25 per share. Jackson sold 5,000 treasury
shares on September 30, 2021, for $27 per share. Net income for
2021 was $170,905. Also outstanding during the year were fully
vested incentive stock options giving key executives the...
On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 40,000 shares...
On December 31, 2020, Jackson Company had 100,000 shares of
common stock outstanding and 40,000 shares of 6%, $50 par,
cumulative preferred stock outstanding. On February 28, 2021,
Jackson purchased 34,000 shares of common stock on the open market
as treasury stock for $45 per share. Jackson sold 7,000 treasury
shares on September 30, 2021, for $47 per share. Net income for
2021 was $190,905. Also outstanding during the year were fully
vested incentive stock options giving key executives the...
On December 31, 2017, Brisbane Company had 100,000 shares of common stock outstanding and 23,000 shares...
On December 31, 2017, Brisbane Company had 100,000 shares of
common stock outstanding and 23,000 shares of 7%, $50 par,
cumulative preferred stock outstanding. On February 28, 2018,
Brisbane purchased 17,000 shares of common stock on the open market
as treasury stock paying $33 per share. Brisbane sold 5,300
treasury shares on September 30, 2018, for $38 per share. Net
income for 2018 was $173,905. Also outstanding during the year were
fully vested incentive stock options giving key personnel the...
On December 31, 2020, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2020, Heffner Company had 100,000 shares of
common stock outstanding and 30,000 shares of 7%, $100 par,
cumulative preferred stock outstanding. On February 28, 2021,
Heffner purchased 24,000 shares of common stock on the open market
as treasury stock paying $45 per share. Heffner sold 6,000 of the
treasury shares on September 30, 2021, for $47 per share. Net
income for 2021 was $540,000. The income tax rate is 25%. Also
outstanding at December 31, 2020, were...
. On December 31, 2020, Heffner Company had 100,000 shares of common stock outstanding and 30,000...
. On December 31,
2020, Heffner Company had 100,000 shares of common stock
outstanding and 30,000 shares of 7%, $100 par, cumulative preferred
stock outstanding. On February 28, 2021, Heffner purchased 24,000
shares of common stock on the open market as treasury stock paying
$45 per share. Heffner sold 6,000 of the treasury shares on
September 30, 2021, for $47 per share. Net income for 2021 was
$540,000. The income tax rate is 25%. Also outstanding at December
31, 2020,...
On December 31, 2017, James Motor Company had 120,000 shares of common stock outstanding and 20,000...
On December 31, 2017, James Motor Company had 120,000 shares of
common stock outstanding and 20,000 shares of 7%, $60 par,
cumulative, convertible preferred stock outstanding. The 20,000
preferred shares are convertible into 90,000 shares of common
stock. On February 28, 2018, James Motor Company
purchased 12,000 shares of common stock on the open market as
treasury stock paying $40 per share. James Motor Company sold 6,000
treasury shares on September 30, 2018, for $45 per share. Net
income for 2018...
At December 31, 2017, Bramble Company had 520,000 shares of common stock issued and outstanding, 320,000...
At December 31, 2017, Bramble Company had 520,000 shares of
common stock issued and outstanding, 320,000 of which had been
issued and outstanding throughout the year and 200,000 of which
were issued on October 1, 2017. Net income for the year ended
December 31, 2017, was $1,220,000.
Assume that Bramble issued 10-year, $180,000 face value, 6%
bonds in 2016 at par (payable annually on January 1). Each $1,000
bond is convertible into 40 shares of Bramble’s $2 par value common...
Clark Fork, Inc. had 100,000 shares of common stock outstanding on December 31, 2014. The following...
Clark Fork, Inc. had 100,000 shares of common stock outstanding
on December 31, 2014. The following changes occurred during 2015
and 2016:
April 1, 2015
issued an additional 10,000 shares
July 1, 2015
2:1 stock split
October 1, 2015
5,000 treasury shares purchased
December 1, 2015
reissued the 5,000 treasury shares
March 1, 2016
50% stock dividend
July 1, 2016
issued an additional 30,000 shares
The 2016 income statement will include earnings per share
computations for 2015 and 2016.
For...
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